News
Young Buck Forced Into Liquidation In Wake Of Bankruptcy
By: hiphopdx.comPosted On: 12/22/2011 3:23 P
UPDATE: The former G-Unit rapper is facing liquidation as he no longer has a good chance at reorganizing.
After filing for bankruptcy last year, Young Buck is facing liquidation as his bankruptcy trustee says that he "no longer has a viable shot at reorganizing."
According to Wall Street Journal, the rapper, whose real name is David Darnell Brown, originally filed for Chapter 11 bankruptcy but is now in danger of facing Chapter 7 liquidation. If the motion is filed, then Young Buck's assets will be sold and distributed among his creditors.
His Chapter 11 trustee, Jeanne Burton, has been working since January to help Buck exit bankruptcy. The two filed a plan that would have modified his recording contract with 50 Cent's G-Unit Records and distribution contract with Universal Music Group. Both G-Unit and UMG opposed the plan, as Fif and Buck "remain in disagreement" on each side's obligations.
“At this time, because no agreement has been reached with G-Unit and Curtis Jackson regarding either assumption or rejection for the recording agreement and/or the publishing agreement, the first amended plan cannot be confirmed,” said Burton in papers filed last week. “The trustee believes and therefore asserts that there is no reasonable likelihood of reorganization at this point.”
[October 11]
UPDATE: A bankruptcy judge has reorganized Young Buck's Chapter 11 reorganization to a Chapter 7 liquidation, according to WSJ.
While Buck originally intended to craft a bankruptcy-exit plan, trustee Jeanne Burton said he didn't have a shot at reorganizing. Under Chapter 7, Buck's assets could be sold and distributed to creditors, though he is still able to ask the court to exempt certain assets from bankruptcy and to release him from certain debts.
A hearing is currently scheduled for January 30th.
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